President Bola Tinubu Passes 2024 Budget Into Law

President Bola Tinubu signed the 2024 Appropriation Bill into law on the first day of 2024 to keep his commitment to maintaining a timeous, predictable, and efficient budget cycle.

The President, who returned to Abuja from Lagos after a short trip, approved the bill in his office at the Presidential Villa State House.

The President talked about signing the bill as he assured Nigerians that the budget implementation would be efficiently pursued and vigorously monitored.

In his statement, he said:  

• Today (yesterday), the first holiday on the calendar. Thank you very much I must say. When I presented the budget on the November 29, 2023, I presented N27.5trn and left room and I called for expeditious treatment of the budget, the review, the passing, the debate and all that.

• Today we have a budget of N28.7trn with an increase of N1.2trn over the proposal that I submitted. I thank the National Assembly for this prompt review adjustment and auditing. This is an evidence and a great testament to the excellent relationship between the executive and the legislature. We should keep it up.

• In my address then, I remarked that the budget is a budget of renewed hope. It is anchored on reducing the deficit and increasing capital expenditure, particularly in our priority areas. The approved 2024 budget that we just approved achieves both objectives.

• It contains a very good increase in the capital side, a reduction in recurrent expenditure and it brought down the deficit from 6.11% to 3.88%. That, to me, is an achievement.

• Then we can debate in the area of economic thinking. Whether capital expenditure and reduction in recurrent means what. It is subject of interpretation. It means a lot. It means where the hope is hanged in development and particularly human capital development.

• When you pay attention to education, health and road infrastructure, you are resuscitating the economy and making sure the ordinary people are carried along.

• Let me take one of it. While we take power and steel and other projects, one of the priority areas we just passed is the N100 billion provision for the feeding of school children. That is a stimulant that will encourage our school attendance and others.

• I have been meeting with local governments at sub-national levels, so we can collaborate and jointly bring an all inclusive program that will help. Yes, I’m pleased with what you’ve done with the judiciary and other areas.  All other details will be mentioned in future.

• I cannot conclude my remark without saying that a budget is only as good as its implementation. We will implement this. I want to assure Nigerians that all the MDAs and our teams have been warned. That’s why we even take our time to separate economic planning from finance.

• MDAs must have regular report of the budgetary performance in the area we put in place, to help ordinary Nigerians.

• The goal is to promote efficiency, dedication, and accountability. If you cannot do that, you may have to leave us to do the job on your behalf.

• Signing the Appropriation Act today is a great honour because to me as a politician and head of state, there is no holiday.

• When I was campaigning for this job, I made a pledge that I will commit myself fully and I found team members, particularly Wale Edun, Atiku Bagudu, the National Assembly leadership all of you.

• I know what today means to everybody and weeks before today when I brought the budget, it was like can we meet the first of January. Can we meet the end of December? All in question marks. You delivered sincerely.

President Tinubu also assured Nigerians that all the institutional mechanisms will be held responsible to make sure that all protocols are followed.

He added in his speech,

• All MDAs have been directed to take responsibility and provide monthly budget performance reports to the ministry of budget and economic planning, which in turn shall ensure the veracity of such.

• The minister of finance and coordinating minister of the economy shall hold regular reviews with the economic management team and, in addition, I shall chair periodic economic coordination council meetings.

The top priorities in the 2024 budget of N28.7 trillion are defense and internal security, job creation, macroeconomic stability, improved investment environment, human capital development, poverty reduction, and social security.

President Tinubu also spoke on his commitment is boosting investment, while creating a rule-based society that favoured no individual over the law, beginning with important reforms in the Nigerian judiciary, the funding captured in the 2024 Appropriation Act.

“Funding the judiciary is a major element in our effort to support a just, rule-based society. Statutory transfer to the Judiciary has been increased from N165 billion to N342 billion,” he said.

Some key estimates are capital expenditure, N10 trillion; recurrent expenditure, N8.8 trillion; debt service, N8.2 trillion; and statutory transfers, N1.7 trillion

Those Present at the Event

At the event, the President of the Senate, Godswill Akpabio, and Speaker of the House of Representatives, Tajudeen Abbas, were present at the signing.

Other senior government officials present at the brief ceremony include Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Chief of Staff to the President, Femi Gbajabiamila; Minister of Budget and Economic Planning, Senator Atiku Bagudu, and National Security Adviser, Nuhu Ribadu.